Rising security concerns to drive the fingerprint access control system market over 2016-2023

Increase in proportion of criminal & terrorist activities across the globe has created a great need for providing enhanced security to a wide range of applications in banking & finance, healthcare, military & defense, commercial, consumer electronics, and government sectors. These additional security measures are predicted to benefit the fingerprint access control system market over the coming years. Growing demand for security features in smartphones, personal digital assistants, and laptops are forecast to boost the industry revenue over the coming seven years. Moreover, the rise in technological innovations coupled with favorable government policies towards access control are expected to be the key drivers for the industry growth over the coming years. Other factors fueling the market expansion includes introduction of new communication technologies like 3G, Wi-Fi, and 4G. As per Global Market Insights Inc.,” The fingerprint access control system market is anticipated to reach USD 4.76 billion by 2023, growing at a CAGR of 7.2% over the period of 2016-2023.”

Fingerprint access control system finds its applications in consumer electronics, government, military & defense, commercial, banking & finance, and healthcare industries. The commercial segment was the key application area of fingerprint access control system in 2015 having contributed nearly 30% towards the global market share. The fingerprint access control system applications are predicted to witness a rise in this segment over the coming seven years due to growing demand for security & safety. Its applications in the consumer electronics segment are forecast to grow at a CAGR of 10% over the period of 2016-2024 as electronic items such as smartphones, personal computers, and tablets require a high level of security features to protect their data. These systems also find high applications in the banking segment which requires high data security and data integrity.

The fingerprint access control system market makes use of ultrasonic scanning, pressure, capacitive, thermal scanning, and optical scanning technologies to enhance safety features and provide security updates to counter malicious entry. The capacitive system segment is forecast to record a CAGR of 7.7% over the period of 2016-2023 as the readers are reliable, compact, cost-effective, and can be easily embedded into small equipment. Furthermore, these systems find myriad applications across healthcare, banking, entertainment, internet access, and consumer electronics industries as they help in preventing the fake enrollment. The optical scanning system segment is predicted to surpass USD 1.75 billion by 2023 owing to its exceptional features such as durability and high image quality. The ultrasonic scanning system segment is projected to witness a significant surge over the coming years due to its ability to record fingerprint through a high sound frequency as a result of which it is expected to find applications in smartphones for measuring 3D fingerprint images.

The Latin America fingerprint access control system market is predicted to witness a significant growth over the period of 2016-2023 owing to increase in foreign capital investments, a rise in the rate of crimes, unexplored private security segment, and growing number of business formation activities. The Asia Pacific market is also projected to display a noticeable growth over the period of 2016-2023 as biometric system in countries like China and Korea do not match international standards. The North America market is anticipated to witness significant growth over the period of 2016-2023. The U.S. fingerprint access control system market size is forecast to exceed USD 1.3 billion mark by 2023 and expected to contribute significantly towards the regional growth due to the increasing application of fingerprint access control system in healthcare and consumer electronics industries. The Europe market share is forecast to touch USD 1.12 billion by 2023.